This paper investigates the nature of the IV method for tackling endogeneity. By tracing the rise and fall of the method in macroeconometrics and its subsequent revival in microeconometrics, it pins the method down to an implicit model respecification device - breaking the circular causality of...

The focal issue of this investigation is whether the rising services sector would contract cost disease and stagnate economic growth in People's Republic of China (PRC), as diagnosed generally of tertiarization in Baumol's unbalanced growth model. Using provincial panel data for 1985-2001, the...

A method is proposed to estimate efficiency of aggregate investment in a transitional economy, using provincial panel data from the People's Republic of China (PRC) as an experimental case. Inefficiency is defined on the basis of disequilibrium investment. It is further decomposed into...

This paper describes a small quarterly macroeconometric model of the Philippine economy. The model consists of sectors of private consumption, investment, government, trade, production, prices, money, and labor. The equilibrium-correction form is used for all the behavioral equations. The...

This paper assesses empirically the sustainability and feasibility of the government debt in the Philippines using the No Ponzi Game criterion. Both historical data and forecasts generated by a quarterly macroeconometric model of the Philippines are used in the assessment. Stochastic simulations...